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Del Ray: 5 Days or Less

by Stephanie Shipman

A home that sold earlier this year in Del Ray.

A few stats about the housing market in Virginia's Del Ray neighborhood give some sense of how quickly the market is moving:

  • 80% of homes sold this year did so in less than 10 days. 
  • Both the median and average days on market right now is just five. 
  • There was just a 7-day supply of homes for sale on the market in March. 

“Our spring market began early this year, due to the pandemic and low interest rates," Jen Walker of McEnearney Associates told UrbanTurf. "People have been spending more time in their homes than ever before, which caused them to rethink their space.”

Del Ray sits in a location (map) convenient to DC and National Airport, close to restaurants and shops in Old Town and the waterfront in Alexandria, and has Metro stops in the north and south ends of town. Add in a housing inventory that includes cute bungalows and a small main drag with nice restaurants and shops, and the result is high homebuyer demand. 

Susan Isaacs of Compass said that this year, the vast majority of homes closing in ten days or less in Del Ray are multiple offer situations. And you need to move quick once you lose out.  

“Waiting for the herd of buyers you bid against on the last house to catch up is not ideal -- seek out 'coming soon' and off-market opportunities to get your foot in the door before others even know about the property,” Isaacs advised. “Cash is still king, and sellers typically want a quick close if the home is vacant, an agreeable move-out date if not, and extra points for free rent-backs to sellers who need time to move."

There are also continues to be a bit of an HQ2 effect in Del Ray. 

“With Amazon’s headquarters coming to completion soon, that makes the Del Ray area even more in demand,” Sue Goodhart, an agent with Compass, said. “People will be moving to the area for jobs with Amazon and proximity to the office, and it’s also a short commute to DC.”

Here are a few more stats that illustrate what is happening in the housing market in Del Ray:

  • $1.425 million -- The average sales price for detached homes with 4+ bedrooms. 
  • 103.1% -- The average sales price to original list price ratio for Del Ray in March. 
  • 93% -- The percentage increase in home sales in 2021 compared to the same period in 2020. 
  • 22-- Number of conventional loans to purchase homes in Del Ray from January through March 2021, compared to four cash purchases during the same time period.

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This article originally published at http://dc.urbanturf.com/articles/blog/del-ray-5-days-or-less/18216

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